Lechwerke AG (LEC) Fair Value & Analysis
Utilities · DE · Market cap €2.3B · ISIN DE0006458003
What is Lechwerke AG really worth?
A solid business, but trading 130% above our fair value of €28.09.
Strengths
Risks
For context
Fair value as of: Aug 20, 2026
From 21 valuation models · updated 16 days ago
Share price −0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€35.11). The favourable scenario is already priced in.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range €60.64 – €140.80 · fair‑value band €21.07 – €35.11 · the €64.50 price screens above the €28.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Lechwerke AG (LEC) currently trades at €64.50, while our model-based Fair Value estimate is €28.09, implying the stock looks roughly 129.6% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of €38.29 per share, and 0 of the 21 models we run sit above the €64.50 price. Bear case: the Earnings-Based group reads lowest at €5.17, and 21 of the 21 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Lechwerke AG generated revenue of €934M at a net margin of 10.6%. Revenue declined 21.2% year over year. It earns a return on equity of 17.9%. The stock trades on a trailing P/E of 23.1. Fundamentals as of Aug 20, 2026
Our scenario range runs from €21.07 (bear case) to €35.11 (bull case); at €64.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −56%, LEC screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 21 models by family
Widest divergence: Growth Earnings (€38.29) versus Earnings-Based (€5.17). Highest evidence: FCF DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 50
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Lechwerke AG, together with its subsidiaries, operates as an energy supplier in Germany. The company supplies electricity and gas to home private and commercial customers, business customers, municipalities, and energy solutions.
Full company description
Lechwerke AG, together with its subsidiaries, operates as an energy supplier in Germany. The company supplies electricity and gas to home private and commercial customers, business customers, municipalities, and energy solutions. It also supplies electricity from renewable energies, including hydropower, solar and wind power, and geothermal and biomass energy; heat electricity; solar energy; and e-mobility services. In addition, it offers energy inspections, maintenance, and repairs services; telecommunications; fibre optics; energy consulting and LED lighting systems. The company was founded in 1903 and is based in Augsburg, Germany. Lechwerke AG operates as a subsidiary of innogy SE.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Lechwerke AG reported revenue of €975M in FY2025 versus €1.6B in FY2021, a compound −12.0%/yr. Reported net income was €99.0M in FY2025, compounding −2.9%/yr from FY2021.
LEC screens 130% overvalued. Compare with Iberdrola, S.A →
Peer Group
Utilities - Diversified · 52 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Iberdrola, S.A IBE | €20.28 | €8.45 | −58% |
| Enel SpA ENEL | €9.42 | €4.82 | −49% |
| Engie SA ENGI | €24.50 | €21.15 | −14% |
| Sempra SRE | $84.57 | $44.47 | −47% |
| E.ON SE EOAN | €17.83 | €11.71 | −34% |
| RWE Aktiengesellschaft generates and RWE | €59.10 | €55.77 | −6% |
| ACWA Power Company 2082 | 184.00 SAR | 24.19 SAR | −87% |
| Brookfield Infrastructure Partners L.P. BIPUN | C$54.99 | C$34.34 | −38% |
| EnBW Energie Baden-Württemberg AG EBK | €68.60 | €21.11 | −69% |
| EDP, S.A EDP | €4.70 | €3.81 | −19% |
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